Michigan Life and Health Final Exam Actual Questions and Answers 100% Correct

Michigan Life and Health Final Exam Actual Questions and Answers 100% Correct What amount will be paid under a policy where the insured misstated his/her age? ANS-an amount the premium would have purchased at the correct age the acceptance of a credit life application requires the submission of a certificate of insurance to the insured within_____ days ANS-30 days which of these is considered to be a Living benefit option in a life insurance policy ANS-Accelerated death benefit loans obtained by a policy owner against the cash value of a life insurance policy ANS-would not be treated as taxable income A long term care policy typically provides all of the following levels of care EXCEPT ANS-acute care the elimination period under a hospital indemnity plan is ANS-the specific # of days an insured must wait before becoming eligible to receive benefits for each hospitalization what is an insurance policy's grace period? ANS-Period of time after the premium is due but the policy remains in force How do interest earnings accumulate in a deferred annuity ANS-On a tax-deferred basis a licensee who is required to take continuing education Must include how many ethics coursework hours ANS-3 the automatic premium loan provision authorizes an insurer to withdraw from a policy's cash value the amount of ANS-Past due premiums that have not been paid by the end of the grace period health insurance involves two perils, accident and ______ ANS-sickness Who is responsible for assembling the policy forms for insureds ANS-Insurance carriers a securities license is required for a life insurance producer to sell ANS-variable life insurance Which of the following is NOT an illegal inducement ANS-giving the insured an article of merchandise printed with the producers name costing 5$ Which of the following is NOT a federal requirement of a qualified plan? ANS-employee must be able to make unlimited contributions Which dividend option would an insurer invest the policy owner's money and add any interest earnings as the dividends accrue? ANS-Accumulation at interest option a health insurance policy will typically cover ANS-preventative health services a life insurance policy owner was injured in a car accident which results in a total and permanent disability. which rider would pay a monthly amount because of this disability? ANS-Disability income rider in addition to the actual policy, an entire contract includes which of the following? ANS-the application field underwriting preformed by the producer involves ANS-completing the application and collecting initial premium